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HomeMy Public PortalAbout1981_06_24_O015 TOWN OF LEESBURG IN LOUDOUN COUNTY, VIRGINIA PRESENTED June 24, 1981 ORDINANCE NO. 81-0-15 ADOPTED June 24, 1981 AN ORDINANCE: AMENDING SECTIONS 17-1, 17-1.1 AND 17-6 OF THE TOWN CODE ORDAINED by the Council of the Town of Leesburg in Virginia as follows: Sections 17-1, 17-1.1 and 17-6 of the Town Code are amended to read SECTION I. as follows: Sec. 17-1. Annual lev~ and rate of taxes. Taxes shall be levied and collected as provided by law on taxable real estate, tangible personal property and bank capital in the town for each fiscal year beginning July 1 and ending June 30 for the support of the town government, payment of interest on town debt and for other town purposes. Every person assessed taxes by the town shall pay them as required by law. (1) Taxes on all real estate and all tangible personal property, except the property of public service corporations, shall be as follows: Classification of Property Rate of Tax per $100 Assessed Value (a) (c) Real estate $0.17 Vehicles used as mobile homes or offices as described in Sec. 58- 829.3 of the Code of Virginia $0.17 Ail other tangible personal pro- perty except that listed in Sec. 58-829.1 of the Code of Virginia $1.00 (2) Taxes on all real estate and all tangible personal property of public service corporations shall be as follows: -2- Classification of Property Rate of Tax per $100 Assessed Value (a) Real estate except as provided in (b) below $0.17 (b) Real estate which has not been equalized as provided for in Sec. 58-512.1 of the Code of Virginia which shall continue to be assessed at forty per centum of fair market value $0.65 (c) Tangible personal property $1.00 (d) Property classified as tangible personal property by the town before January 1, 1966, except that portion reclassified as real estate under Sec. 58-514.2 of the Code of Virginia $1.00 (e) Property classified as tangible personal property by the town before January 1, 1966 and reclassi- fied as real estate under Sec. 58-514.2 of the Code of Virginia $0.17 (3) The tax on all bank capital shall be at the rate of $0.80 per $100.00 of the net capital of banks located in the town pursuant to Title 58, Chapter 10.01 of the Code of Virginia. Sec. 17-1.1. Tax relief for the elderly. (a) As used herein: (1) "Total combined income" means gross income from all sources of the owners of the dwelling residing therein and of any relatives of the owner who reside in the dwelling, provided that the first $4,000.00 of income of each relative, other than the spouse of the owner or owners, who is living in the dwelling shall not be included in such total. (2) "Net combined financial worth" means all assets of the owners of the dwelling and of the spouse of any owner who resides therein, including equitable interests, excluding the value of the dwelling and the land in an amount not to exceed one acre upon which it is situated. (b) Any person not less than 65 years of age by December 31st of the year preceding the date of application, who owns or partially owns a dwelling as the sole dwelling of the person, shall be eligible for and may apply for an exemption or deferral of real estate taxes on such dwelling and the land in an amount not to exceed one acre on which it is situated, provided that: (1) The total combined income, as hereinabove defined, during the immediately preceding year cannot exceed $10,000.00. -3- (2) The net combined financial worth, as thereinabove defined, as of December 31st of the immediately preceding year cannot exceed $35,000.00. (c) Applicants who satisfy the requirements of this article may choose to have the taxes on the eligible property fully exempted or deferred. If an applicant chooses to defer his or her taxes, payment is not required until the applicant sells his or her interest in the property or one year after his or her death. Deferred taxes will not accrue penalty and interest, however, at such time these taxes become due again, because of failure to meet the require- ments of the article, selling of one's interest or death of the applicant, the taxes shall accrue interest at 8 10 percent per annum. If an applicant chooses exemption, the taxes are fully abated and are not recoverable by the town. (d) Application for exemption or deferral provided for herein shall be made not later than May 1st of each year for which exemption or deferral is sought to the director of finance on forms to be provided by him. The application shall be accompanied by an affidavit setting forth the names of all persons occupying such dwelling and stating that the total combined income and the net combined financial worth do not exceed the limitations set forth in subsection (b) above. The director of finance may require an applicant to answer questions under oath as to his requirements under this article and/or to produce for in- spection certified federal income tax returns for the preceding three years to establish the total combined income or net combined financial worth as herein- before defined. (e) Any change in respect to total combined income, net combined financial worth, ownership of the dwelling or other factors which occur during the tax- able year for which the affidavit is filed, and which has the effect of ex- ceeding or violating the limitations and conditions of this article, shall nullify any exemptions or deferral for the then current taxable year and the taxable year immediately following. (f) Real estate described in subsection (b) above shall be exempt from real estate taxes or such taxes shall be deferred under the provisions of this article for any year in which proper application is made, provided that, if the ownership of the property for which application for exemption or deferral is made is not held solely by the applicant or jointly with the applicant's spouse, then the amount of tax exemption or deferral hereunder shall be in proportion to the applicant's ownership interest in the subject real property as that ownership interest may appear. (g) Any person or persons falsely claiming exemption or deferral shall be guilty of a misdemeanor and, upon conviction thereof, shall be fined not less than $50.00 nor more than $300.00 for each offense. Sec. 17-6. Penalty and interest on delinquent taxes. Any person who shall fail to pay to the town treasurer, on or before December 5th of each year, the personal property and real estate tax then due and payable shall pay a penalty of ten percent on the amount of the unpaid tax ~m~ provided however~ that no penalt~ shall be less than $2.00. Interest at the rate of e~M~ ten percent per annum shall be collected upon the principal and penalties of all such taxes and levies remaining unpaid from the 1st day of January of the year next following the assessment year. SECTION II. PASSED this 24th - 4 - This ordinance shall be in effect upon its passage. day of June , 1981. Kenneth B. Rollins, Mayor Town of Leesburg ATTEST: Clerk of Co, ell